Alder Zellers’ Updates

Small Business Administration Disaster Assistance for Wisconsin

Samuel Arroyo and Dorris Evans, Public Affairs Specialists with the U. S. Small Business Administration (SBA), Office of Disaster Assistance, have been assigned to perform Community Outreach in the City of Madison and Dane County regarding the SBA disaster assistance loan program for disaster survivors of severe storms, tornadoes, straight-line winds, flooding, and landslides that occurred from August 17, 2018, to September 14, 2018.

SBA disaster assistance loans are available to homeowners, renters, businesses and non-profit organizations of all sizes that were affected by the disaster. SBA offers disaster assistance loans up to $200,000 to homeowners for the repair or replacement of disaster damaged or destroyed real estate. Homeowners and renters are also eligible to borrow up to $40,000 to repair or replace disaster damaged or destroyed personal property. Automobiles that were damaged by the disaster are also eligible for disaster assistance loans.

Businesses and private non-profit organizations of any size or type may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, the SBA offers the Economic Injury Disaster Loans to help meet working capital needs caused by the disasters. Economic Injury disaster loans are available regardless of whether the business suffered any physical property damage.

The disaster loans interest rates are as low as 2.000% for homeowners and renters, 2.500% for non-profit organizations and 3.675% for businesses and economic injury with terms up to 30 years to repay the disaster loan. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.

Mr. Arroyo and Ms. Evans have provided the attached SBA Disaster Loans Fact Sheet for your review and the locations and hours of operation of the SBA Business Recovery Center and the Disaster Recovery Cover Center in Dane, County. They are available to answer any questions that you may have about the SBA disaster assistance loan program.

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